Are you a senior with Marketplace coverage, or do you know a senior with Marketplace coverage? Be aware that CMS has started reaching out to two groups of seniors to ensure they do not have too much insurance and are not paying for overlapping coverage.

The first group of about 15,000 seniors have started receiving emails just before their 65th birthday. This is a reminder that once they become eligible for Medicare, they may want to cancel their Marketplace plan to avoid overlap and they will no longer be eligible for Premium Tax Credits (PTC).

The second group receiving emails are those who are already enrolled in Medicare and a Marketplace plan. This group of seniors are being reminded they can keep dual coverage – however, they will not be able to keep the PTC to subsidize their premium costs. These seniors are being urged to cancel their Marketplace plans to avoid overlap of benefits and minimize out-of-pocket costs for insurance premiums. If they do not respond, eventually CMS can cancel their subsidy.

In addition, many seniors are unaware that they are fined for late enrollment in Medicare Part B coverage, and are under the impression that having a Marketplace plan makes them exempt from enrolling in Medicare. Seniors are required to enroll in Part B three months before or after their 65th birthday. Missing this is a penalty of 10% of the monthly premium for each year an individual is late in enrolling.

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